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December 6th, 2016

Market Summary for the Week of November 28 - December 2, 2016

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

Crude oil rose last week after OPEC and non-OPEC producers somewhat surprisingly came to an agreement on cutting production by 1.8 million barrels per day, or about 2% of global production. Natural gas prices climbed again last week as temperatures continued to fall. The EIA reported rapid growth in heating demand and the largest weekly storage draw of the season.

To view the complete Market Summary, click here.

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